topic Re: Pledge loan question? in General Credit Topics

Pledge loan question?

CreditPoor — Tue, 10 Dec 2024 16:50:07 GMT

Opened a pledge loan $3600 for 60 month because my previous was paid off. How much should I pay off immediately to benefit but avoid any type of courtesy pay off from the bank?

Heard that if you pay off too much the bank will just use funds you have in account and pay off immediately

Re: Pledge loan question?

JoeRockhead — Tue, 10 Dec 2024 17:38:39 GMT

To get the points benefit it has to be paid down to 9% remaining balance. If you share who the lender is, people can chime in with their experience with the courtesy pay off part of it.

Re: Pledge loan question?

CreditPoor — Tue, 10 Dec 2024 17:58:22 GMT

Navy Fed is the lender

Re: Pledge loan question?

JoeRockhead — Tue, 10 Dec 2024 18:11:10 GMT

They won't do a courtesy payoff at 9%... you should be good. Get it paid down and when it reports the first time you'll get your points if it's you're only open loan.

Re: Pledge loan question?

Snook_on_the_Line — Tue, 10 Dec 2024 20:58:11 GMT

Yeah I think that was penfed that was paying off ssl loans with too low a remaining balance as a 'courtesy'.

Re: Pledge loan question?

SouthJamaica — Tue, 10 Dec 2024 22:20:39 GMT

@CreditPoor wrote:
Navy Fed is the lender

Re: Pledge loan question?

Snook_on_the_Line — Wed, 08 Jan 2025 00:18:00 GMT

@FicoMike0 ,

is your penfed ssl still going strong??

Re: Pledge loan question?

FicoMike0 — Thu, 09 Jan 2025 03:52:35 GMT

@Snook_on_the_Line

Sure is.

I paid $2 on the first for at little activity. Plan to pay another $2 on sumner solstice. Easy to remember dates.

My loan was $2100, seven years. 9% is $189. I'm at $186 now and monthly interest is, 2.05%/12 X $186 = ~$0.32. So, .32 X 6 = $1.92 every six months. Two dollars, twice a year, should be enough activity, while keeping the balance under $189 and above $180. Not likely to forgive $180. Then, in 2030 I'll have to start the regular payments.